《大行》招銀國際降滔搏(06110.HK)目標價至3.62元 料2026財年股息率9%
招銀國際發表研究報告指,滔搏(06110.HK)2025財年(截至今年2月底止財年)下半財年的主要品牌銷售跌幅收窄,惟毛利率及其他品牌的銷售遜於預期,因此2025財年的淨利潤未達預期。該行認為,集團2026財年的指引較為保守,不過,由於派息率高達135%,加上強勁的現金流,因此偏向相信2026財年的股息率亦會相當可觀,並預計為9%。
該行下調集團2026及2027財年的淨利潤預測27%和24%。考慮到Adidas的強勁勢頭,加上高於預期的派息率,維持對滔搏「買入」評級,目標價由4.51元降至3.62元。
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